TDS Exemption For Individuals

The Act , vide Sec 197A, for the convenience of an individual payee, allows the benefit of non-deduction of tax at source on filing of declaration in the prescribed form with the payer. The details are given below (Sec 197A read with Rule 29C. Also see Circular No.351 dated 26.11.82)

S.No

Types of Income

Prescribed form (in duplicate)

Payee who can file declaration

Period of validity

1.

Interest on securities Section 193

Form No 15F in duplicate. One copy to be sent by the Payer to Chief Commissioner/ Commissioner within seven days of the succeeding month.